What Is Solana?

Solana is a decentralized open-source project that’s banking on blockchain technology’s permissionless nature to provide Defi solutions.

It is a project that began in 2017 and launched in 2020 with headquarters in Geneva, Switzerland.

It is a protocol designed to facilitate decentralized app (DApp) creation. It aims to solve scalability issues by combining proof-of-history with the underlying proof-of-stake of the blockchain.

Solana is a hybrid blockchain that helps investors of all sizes. With its innovative consensus model, they enjoy interest from both big and small-time traders. A significant focus for the Solana Foundation is to make decentralized finance accessible to everyone.

Solana Price

As per coinmarketcap the current price of Solana is $28.39.

For the day-to-day prices, you can refer coinmarketcap website.

What Is Solana Coin?

It is a peer-to-peer (P2P) decentralized finance platform designed to enable innovative financial products. The platform allows users to issue and manage credit with confidence and trust, avoid capital controls, reduce the cost of cross-border transactions and avoid centralized payment gateways.

How Do I Get Started Using Solana?

First, you must make sure that you are running the Solana software (Solana Terminal), which is based on Android. Solana Terminal also supports UPI, Zcash, and Ether, but you will need to connect your wallet. Once your wallet is connected to SOL Terminal, you can link it to your bank account. Then, you can use Solana for payments. For payments, SOL accepts most mainstream payment types, and there are no fees.

The Solana Platform

Solana describes its distributed ledger technology as “a platform enabling multi-party computation.” Essentially, this means the SOL Platform supports not only cryptocurrencies but also smart contracts. The decentralized organization’s business model is to create a cryptocurrency through its SOL Coin.

What is Solana Coins Worth?

The Solana Foundation claims it’s prepared for the eventual public launch of Solana. In November 2018, it opened an initial coin offering (ICO) to finance the technical advancements of the new blockchain ecosystem. As part of the ICO, the Foundation has distributed approximately 1.6 million SOL Coins. As of writing, the value of a single SOL coin stands at $8.40, which is approximately 30 percent higher than what it traded a month ago ($6.48).

The Future of DeFi

While in its nascent stages, the market for decentralized finance, or Defi, seems promising. But, of course, the industry remains largely untapped as the majority of products and services offered by companies to users are still centralized in nature.

Blockchain technology has enabled a new form of finance that can allow users to provide secure and decentralized peer-to-peer transactions while retaining a degree of security and autonomy. It is pushing towards accomplishing this aim by building a system that seamlessly integrates into any financial system.

How does Solana work?

It incorporates “distributed ledgers, AI, cryptography, domain-specific languages, and community voting to ensure consensus.” The project is managed by a community comprised of major stakeholders, including a Board of Directors, Technical Steering Committee, Advisory Council, and SOLTechnical Steering Committee.

The SOL Foundation’s mission is to create open standards and specifications that enable scalable, low-cost, interoperable, privacy-preserving, and well-regulated finance and exchange services. Solana’s open-source specifications are hosted on GitHub and can be found here.

How to get Solana Coins?

Solana Coins are initially created in the form of cryptographic hash(s) and can only be accessed and utilized via a verified Ethereum account linked to an Ethereum address. To promote open source, many of Solana’s official team members are not included in the coin creation process.

Additionally, for privacy reasons, a very small share of coins will be included in every bounty contribution, as the SOL Foundation is all about helping to enable cryptocurrency adoption. SOL also includes a limited number of assets as part of its bounty program.

Does Solana function as a digital currency?

No, the SOL Foundation won’t stop at allowing users to generate SOL coins as a form of currency exchange. The tokens will also be included within the open-source projects that SOLsupports.

Conclusion

Solana is one of the few open-source projects that we have covered in 2019. While the project had had its ups and downs in the initial days of its launch, today the project boasts of a very active community and also boasts an impressively high level of clarity, which makes it quite understandable that the project has received nearly 10,000 investors.

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